Briefly

A New York State Supreme Court judge has ordered
Macy's, J.C. Penney and
Martha Stewart Living Omnimedia to go into mediation as a way to resolve a contract dispute concerning a partnership over the Martha Stewart brand, according to a Macy's spokesman.

The development comes as the companies were finishing up a third week in a trial over whether Macy's has the exclusive rights to sell some Martha Stewart-branded merchandise including bedding, cookware and bath items.

Macy's has sued Martha Stewart Living, saying it breached its longstanding contract when it signed a deal with Penney in December 2011 to open Martha Stewart mini shops in stores this spring.

Penney said won't sell any products that are deemed exclusive by Macy's before April 8, when the hearings resume.

Slower gains in retail sales

Americans cut back on spending in February as cold weather and economic challenges chilled their appetite for spring merchandise.

The nation's retailers on Thursday reported that sales slowed in February, a time when most stores get rid of winter merchandise and bring in swimsuits, ankle length pants and other spring fashions.

Americans spent more carefully during the month, as they dealt with a payroll tax increase of 2 percentage points, income tax refunds that came later than usual and rising gas prices. Winter storms across much of the country in February likely made spring merchandise less appealing.

MetLife to move 2,600 jobs

Insurance giant
MetLife said Thursday it will move 2,600 jobs from offices in four Northeast states and California to lower-cost locations in two North Carolina cities, while also getting tax breaks and other incentives that could reach $100 million.

The insurer is shifting the jobs from Aliso Viejo and Irvine as well as Boston and Lowell, Mass.; Somerset, N.J.; Bloomfield, Conn.; Johnstown, Pa.; and Warwick, R.I., MetLife spokesman John Calagna said. The positions will be consolidated in Charlotte, which will become the U.S. headquarters for MetLife's retail business, and at a global technology and operations hub in the Raleigh suburb of Cary. The company's retail segment sells and services life, disability, auto and other insurance.

Icahn pushes plan over Dell buyout

Billionaire investor Carl Icahn wants
Dell to remain a public company and proposed rewarding shareholders with a large dividend payment instead of going private in a $24.4 billion buyout.

He says the amount being offered by a group led by Dell founder and CEO Michael Dell substantially undervalues the slumping PC maker.

Icahn wrote in a March 5 letter to Dell directors that the Round Rock, Texas, company should choose his alternative, which would involve a special dividend totaling $9 per share, if shareholders reject the buyout plan that was announced last month.

U.S. trade gap grows wider

The U.S. trade deficit widened in January, reflecting a big jump in oil imports and a drop in exports.

The Commerce Department said Thursday that the deficit rose to $44.4 billion, an increase of 16.5 percent from December. U.S. exports dropped 1.2 percent to $184.5 billion, reflecting declines in sales to Europe, China, Japan and Brazil. Imports rose 1.8 percent to $228.9 billion as oil imports surged 12.3 percent.

Even with the wider deficit in January, economists say they think the deficit this year will narrow slightly, in part because of continued gains in U.S. energy exports. A narrower trade gap boosts growth because it means U.S. companies are earning more from overseas sales as U.S. consumers and businesses spend less on foreign products.

Icahn increases Herbalife stake

Activist investor Carl Icahn is increasing his stake in
Herbalife.

An SEC filing Thursday showed that the billionaire now has a 15.55 percent stake in the dietary supplements company. That is up from a 13.6 percent stake.

Herbalife Ltd. and Icahn have agreed that he can raise his stake in the company to as much as 25 percent and add two new members of his choice to the company's board.

The investor has been in a public dispute with hedge fund manager William Ackman over the company. Icahn has backed Herbalife, but Ackman has a negative bet on the company, shorting its stock, and has accused it of being a pyramid scheme.

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